It's much better than it used to be but Nova still beats it IMO - It just lets you set it up exactly like you want your phone setting up and the little things like automatic night mode, swipe down for notifications and the pixel style folder icons make it a more attractive and pleasant UI IMO. Add to that the google now integration that's available in the Beta and it's a hard act to beat
The only thing I prefer from the standard launcher is the way folders open (they still look a bit clunky on Nova when open) and that's such a minor thing that I'm using Nova again now